Comment by JumpCrisscross
3 years ago
> Eventually, FedNow will just be the rails for a US dollar CBDC
This is unfounded. FedNow is a faster classical payment rail. CBDCs involve the central bank taking on a customer-facing role. The Fed has no desire, nor frankly basis in law, to do that. The only reason the two are linked is crypto (a) prompted the first serious discussion about American payments modernization and (b) promoters are using it as a thread by which to hang onto a dream of mainstream crypto.
The central bank digital currency concept has little to do with FedNow. It's denominated in dollars, and is cleared by all parties keeping ledgers which are compared if they differ. But between the crypto people and some right-wing conspiracy mongers, the two are being connected in some social media.